The "ultra-wealthy" population in Vietnam - those who are worth US$30 million or more - increased to 210 this year from 195 last year, according to a new report by Wealth-X and UBS.
Their combined wealth, however, remained unchanged at US$20 billion, according to the World Ultra Wealth Report 2014, which said all Asian economies showed growth in both "ultra high net worth" population and wealth but South and Southeast Asian countries "performed particularly well."
A World Bank report in July estimated that Vietnam was home to 110 super-rich citizens - individuals with assets of $30 million or more - in 2013. The number is similar to that of other countries at Vietnam’s level of income, according to WB.
Pham Nhat Vuong, chairman of Vingroup Joint-Stock Co. He is considered the richest person in Vietnam with the total assets of around US$1.6 billion. Photo credit: Bloomberg
About 13 percent of global wealth of adults is concentrated in the hands of 0.004 percent of the population, according to the new study by Swiss bank UBS and consulting firm Wealth-X. The trend is set to continue with the number of high net worth individuals reached a record 211,275 in 2014.
"Such a large concentration of wealth in the hands of these few individuals means that they tend to have a large degree of influence, whether on global equity markets or specific industries,” the report said.
Average wealth of an ultra-high net worth individual has risen to $139.4 million, up $1.8 million last year, a more than 77 percent increase.
The United States remains the country with the largest UHNW population and wealth in the world. The country’s UHNW population reached 69,560 with their combined wealth of US$9,630 billion this year.